XAU rebounded to the top. The dog-den hands (smart money) has swept away all the longs chasing at the high level. Now their active selling is 1.86 times the buying orders; the buy volume share is down to just 35%. Trading volume has shrunk by 47% over 7 hours. This is not a washout—it’s an obvious, outright distribution. In terms of structure, 4222 tried twice to break up but couldn’t get through. It has fallen below both the MA20 and MA50 dual supports; any rebound is basically handing over money. Don’t get lucky—short it in line with the trend: short at 4155.7 directly. First target 3989, second target 3882. Stop loss 4335. Break below the previous low and it’s a waterfall—sit back and wait for a bloody scene.